Down side to consolidating bills

Posted by / 03-Mar-2017 08:56

The amount you can borrow depends on the lender, your credit, and your income.

Personal unsecured loan amounts usually range from ,000 to ,000 and have a fixed interest rate.

There are two main types of personal loans: secured and unsecured.

Free Resource: Request an invitation to join Dominate Your Debt—Laura’s private Facebook Group A personal loan is money you borrow to pay for just about anything, such as your wedding, a dream vacation, a new computer, medical bills, or to consolidate other debts.

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This means that most of your monthly instalment is used to pay interest, and it is difficult to actually pay off your debt.

It can also put you under pressure if interest rates rise unexpectedly.• A lower interest rate does not necessarily mean a saving.

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